Big Data in Healthcare Market to Post 20.69% CAGR By 2022, Industry Size, Share, Growth Analysis, Business Insight, Recent Trends

Big data in healthcare market information: by components and services (hardware, software type, others), by software deployment type (On Premise, On Demand)), by analytic service type, and by analytic service applications - Global forecast till 2022

Combining big data with healthcare applications is viewed as a major step towards making healthcare more dynamic. Big data has tremendous potential in healthcare. As per the latest report published by Market Research Future (MRFR), the global big data in health market is set to demonstrate 20.69% CAGR during the assessment period (2015-2022).

Healthcare companies are realizing the advantages of healthcare data (patient history, drug information, customer record, etc.) Such data can help caregivers deliver improve car delivery, streamline process, and drive revenue growth. Healthcare data analytics is also growing in life science R&D, which is emerging as an attractive segment.

Companies are leveraging big data for achieving operational efficiency across regulatory compliance management, financial risk management, and product cross selling. With the help of big data, pharmaceutical companies can better gauge demand growth, improve client support, etc. Big data analytics is witnessing a fast adoption in the pharmaceutical manufacturing sector.

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Global Big Data in Healthcare Market: Segmental Analysis

The segmental analysis of the market has been conducted based on services and components. software deployment type, analytic service applications and analytic service type.

On the basis of service and component, the market has been segmented into software and hardware. The hardware segment is further sub-segment virtual private network (VPN), email servers, data storage (storage on cloud/storage on demand, data centers/storage on premise), wireless and access points and routers firewalls. The software segment is further sub-segmented into workforce management software, revenue cycle management software, practice management software, electronic health record software (EHR) and other.

Based on software deployment type, the market has been segmented into software on demand and software on premise. Based on analytic service applications, the market has been segmented into operational analytics, financial analytics and clinical data analytics. The operation analytics segment is further sub-segmented into supply chain analytics and workforce analytics. The financial analytical segment is further sub-segmented into management, revenue cycle, risk assessment, and claims processing. The clinical data analytics segment is further sub-segmented into population health management, precision health, quality care, reporting & compliance and clinical decision support. Based on analytic service type, the market has been segmented into prescriptive analytics, predictive analytics and descriptive analytics.

Global Big Data in Healthcare Market: Regional Analysis

Big data is gaining traction in the American healthcare sector, which makes the region an important destination for market payers. This is mainly owing to rising application of information technology coupled with the high healthcare expenditure. In addition, faster adoption of novel technologies and presence of numerous healthcare technology companies in the U.S. is supporting the market growth in the region. In the year 2015, North America big data in healthcare market garnered USD 4.61 Bn in revenues.

Europe follows North America in terms market. In Europe, the market trends are similar to that of North America, but a smaller customer pool limits the opportunities for players operating in the region.

Asia Pacific is the third largest market for dig data in healthcare. China and India are expected to present lucrative opportunities to market players during the forecast period. The APAC big data in healthcare market is projected to exhibit 24.75% CAGR between 2015 and 2022. Meanwhile, the market in the Middle East is expected to be spearheaded by GCC countries such as UAE and Saudi Arabia.

Global Big Data in Healthcare Market: Competition Analysis

Key players discussed in MRFR’s report include Cognizant, GE Healthcare, Optum, Siemens, Cerner Corporation, Xerox, Mckesson, Dell, Philips and others.

Industry News

Catasys Inc a leading management service company primarily focused on healthcare has recently unveiled Catasys PRETM (Predict-Recommend-Engage). This new product is an evolved model of Catasys PRE which offer assistance in behavioral health conditions and chronic conditions including diabetes, pulmonary disease, cardiovbascular disease, etc.

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